Kislak touts $67.2 million in South Jersey sales

Nearly 1,000 apartments have changed hands in southern New Jersey after a series of recent transactions by The Kislak Co. Inc.

In a news release, the firm recapped nine recent sales totaling about $67.2 million. The deals brokered by Matt Weilheimer, senior vice president with Kislak, include 976 residential units, 92,000 square feet of commercial space and about 5.67 acres of land.

The multifamily transactions include:

$27.38 million for Stonington Court Apartments, a 456-unit complex in Lindenwold

$12.15 million for Laura’s Glen Apartments, a 197-unit garden-style complex in Pennsville

$6.75 million for Penn Gardens, a 116-unit garden-style complex in Pennsauken

$5.5 million for Westwood Manor, a 79-unit garden-style complex in Westville

$6.2 million for John Wesley Village, a 60-unit HUD property in Camden

$2.35 million for Magnolia Park, a 48-unit garden-style complex in Camden

$2.15 million for the Enclave at Walnut, a 20-unit garden-style complex in Toms River

The commercial transactions include:

$4.43 million for Quail Creek Shopping Center, a 52,000-square-foot complex with retail and office space in Howell

The sale of 5.67 acres designated for townhouse development in Mullica Hill

A distressed sale of a 40,000-square-foot vacant building, formerly a supermarket, in Pittsgrove

“There are still value-add opportunities in southern New Jersey especially compared to those in the northern part of the state where pricing is considerably higher,” Weilheimer said. “More and more investors are in search of multifamily and other well-performing investment properties in south Jersey.”

Weilheimer represented the sellers in all but three of the transactions, Kislak said in a news release. He and Senior Vice President Barry Waisbrod together represented the purchasers of Stonington Court and Laura’s Glen, while Senior Vice President Jonathan Greenberg represented the purchasers of Penn Gardens and Magnolia Park.

Meantime, Senior Vice President Joni Sweetwood represented the purchaser of John Wesley Village and Sale Associate Justin Lupo represented the seller of the Quail Creek Shopping Center.

All of the residential properties are garden-style buildings at 95 to 100 percent occupancy, Kislak said.

Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for five years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State.